This week’s close was higher for soybeans, wheat and corn. Soybeans took leadership with week, up about 46¢ for both November and January. December and March wheat contracts rose almost a dime, while corn was up 4¢ in December and 5¢ in March.
The corn market had no real news to fuel it in one direction or the other. Technically, the market is looking solid, according to Chip Flory at Pro Farmer, but December futures need another close at $5.90 or higher to signal an upside breakout above the October high, as futures have been choppy since USDA's last Crop Production Report.
Soybean oil was the clear leader to the upside for the soybean complex today as global inflation and surging veg-oil prices helped spark active buying and a move to the highest level since August of 2008 for nearby soybean oil futures, the Chicago Mercantile Exchange reports. A surge higher in global vegetable oil prices this week and a limit-up advance from China futures markets for soybean oil and palm oil helped support strong gains in soybean oil into the mid-session which helped support soybeans as well. Meal closed lower from spread pressure and some weakness in corn.
July wheat pushed above the August highs and moved to the highest level since September of 2008 as traders remain concerned with dry weather, which has cause crop conditions to deteriorate, to drive new crop wheat over $8. Traders see few changes for next week's supply/demand reports, the CME reports.